Important financial matters during divorce

An Illinois resident who is getting a divorce should keep in mind that it can be an expensive process. First, there are legal and filing fees, but there is also the expense of finding a new place to live and replacing furniture and other possessions.

Securing accounts and passwords is a first important step along with taking an inventory of assets and household possessions. A person may want to photograph items in the house. Attacking the other spouse or using the children as leverage should be avoided. An attorney might be able to advise regarding initial financial matters such as where to deposit paychecks.

It is also important for a person to discuss goals with the attorney so that they can work together toward that outcome. This includes deciding what points a person is willing to compromise on and what points are deal breakers. There needs to be a balance between compromise and giving up too much in order to get the process over with. Other people, such as friends and family, might be good sources of advice regarding what to do and what to avoid.

Property division might be difficult to negotiate because it involves both sentimental issues and an attempt to secure a person’s financial stability for the future. For example, it might be emotionally difficult to give up the family home, but it could be financially disastrous to relinquish a retirement account in exchange for the home because the house might be expensive to maintain. A person may want to discuss issues like these with the attorney who may be able to offer guidance on how best to proceed. Other complications, such as a suspicion that a spouse may be concealing assets, should be discussed with the attorney as well.